The Central Bank of Nigeria (CBN) has introduced new directives for Deposit Money Banks (DMBs) concerning the deposit of foreign currency notes.
According to a circular (no: COD/DIR/INT/CIR/001/016) issued by the Director of Currency Operations, Mr. Mohammed Solaja, and available on the CBN website, DMBs are now required to notify the CBN in writing at least three working days before making such deposits.
Deposits of foreign currency notes can only be made at the CBN branches in Abuja and Lagos. Each bank is allowed a daily maximum deposit of $10 million for USD 100 and USD 50 notes. For smaller denominations such as $20 notes and below, the maximum daily deposit is set at $1 million.
Similarly, deposits in British Pounds and Euros are capped at GBP 1 million and EUR 1 million per day per DMB.
The circular stipulates that each denomination must be placed in separate boxes, with two representatives from the depositing DMB present to witness and confirm the counting of the currency.
Only CBN-registered Cash-in-Transit (CIT) companies are authorized to represent the DMBs during these transactions. The deposits must be made between 8:00 AM and 12:00 PM, and the selected branches are required to confirm the deposits on the same day.
A handling charge of 0.30% will be deducted from the current accounts of DMBs with the CBN.
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